General News of Tuesday, 8 January 2019
Aggrieved customers of Menzgold who embarked on what the police say is an “illegal” demonstration Tuesday say they will continue to protest until the government listens to their plight.
The customers of the troubled gold trading firm are protesting due to their inability to access their locked up funds in Kumasi, the capital of Ashanti region.
They have been demanding the payment of their principal investments after the gold dealership company was instructed by the Securities and Exchange Commission to halt their gold trading operations.
Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.
The protestors have blocked roads at Amakom and other parts of Kumasi burning car tyres to express their anger.
Even as the dust settles on Tuesday’s demonstration which the Ashanti Regional Police Command described as “illegal” and “unfortunate” the aggrieved customers of the gold trading firm say they are not done yet.
“This is just a tip of the iceberg…we just want the government to see that. The next one is going to be something else,” they told Starr News.
According to them, claims by the Police that the demonstration was illegal is unfounded.
“We gave the police notice last two weeks that we are demonstrating and they gave us an endorsement. In fact, we were supposed to demonstrate during the holidays and they [Police] said the holiday wouldn’t be nice for them so we should demonstrate today [Tuesday],” they explained.
Meanwhile, security analyst Adam Bona has called on the president to make a statement to calm the nerves of customers.
“We expect no other person than the president to make a policy statement to calm down and let the customers know that we are going to set up committees to find out where your money is,” he said.
Parliament last year turned down a request of the company to intervene with their current impasse with its customers.
Speaking to the media after the petition to Parliament, Chairman of the Finance Committee of Parliament Mr. Mark Assibey-Yeboah said the Finance Committee warned the gold trading firm about the illegality of its operations.
“The government warned those who put their monies there…and as late as February 2017 Menzgold came to the Finance Committee of Parliament and then we told them what they are doing was illegal.”
“At that point, if anyone wanted to take out their funds they would have been able to do so. I think they are crying over spilled milk. People are comparing this one to DKM. DKM was regulated by the Central Bank.”
“So in a sense, it was like one of the seven banks that have gone under water. But Menzgold was not regulated by SEC neither was it regulated by the Bank of Ghana,” he said.
Menzgold in its petition is asking for “a comprehensive payment plan to pay off completely all customers who wish to discontinue their trading of gold collectibles.”